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itemize their deductions on Schedule A of Form 1040 is higher for 2012 than it was for 2011. The amount depends on your filing status. You can use the 2012 Standard Deduction Tables near the end of this publication to figure your standard deduction. Reminders Future developments. Information about any future developments affecting Publication 501
What's New For information about any additional changes to the 2012 tax law or any other devel-opments affecting Form 1040 or its instructions, go to www.irs.gov/form1040. Tax benefits extended. Several tempo-rary tax benefits have been extended through 2013, including the following. Deduction for educator expenses in
2012 Tax Table. ! CAUTION. See the instructions for line 44 to see if you must use the Tax Table below to figure your tax. Example. Mr. and Mrs. Brown are filing a joint return. Their taxable income on Form 1040, line 43, is $25,300. First, they find the $25,300–25,350 taxable income line.
6. Standard Deduction. Section 63 (c) (2) of the Code provides the standard deduction for use in filing individual income tax returns. Near the end of each year, the IRS issues a revenue procedure containing inflation-adjusted standard deductions for the following tax year.
Standard Deduction Amount, 1970-2019. The standard deduction was first adopted in 1944. From 1944-1969, it was equal to 10 percent of adjusted gross income, up to a maximum of $1,000. Beginning in 1985, the blind and those aged 65 or over received larger standard deductions.
Federal Income Tax Tables - 2012. Personal and Dependent Exemptions. Amount of Exemption for Each. For higher-income taxpayers, the deductibility of personal exemptions is generally reduced, as adjusted gross income rises. Under EGTRRA of 2001, this reduction in deductibility was gradually phased-out, by 1/3 in 2006-2007, and by 2/3 in 2008-2009.
Some taxpayers may need to use the standard deduction worksheet in the Form 1040 Instructions. Objectives. At the end of this lesson, using your resource materials, you will be able to: • Determine the standard deduction amount for most taxpayers . • Determine the standard deduction amount for taxpayers claimed as dependents.
